Thanks to the recent decline in mortgage rates, which have since inched up some, the so-called “refinanceable population” has swelled 30% to 6.7 million homeowners.
These are the folks that Black Knight Financial Services singled out as standing to benefit from a refinance based on the related costs and savings.
The company looked at this population two months ago and found that a refinance would prove advantageous for just 5.2 million homeowners based on their broad-based eligibility criteria.
That number was also on the decline and expected to dip quite a bit after the Fed raised rates for the first time since 2006. But then the stock market plummeted and with it the 10-year yield, which pushed mortgage rates back toward record lows.
As a result, the population of refinanceable borrowers surged, and with it the amount those borrowers could potentially save.
Let’s All Save $20 Billion Together, Shall We?
In total, Black Knight estimates that if all these 6.7 million homeowners refinance, we’ll save a collective $20 billion annually on mortgage payments.
The total monthly savings have increased from around $1.28 billion per month to somewhere near $1.68 billion, with the average borrower saving $3,000 annually.
Some one million or so borrowers could save over $400 per month if they refinanced, and 3.3 million homeowners could save $200 or more each month. Of course, we know not everyone will refinance, even if they’re able to do so.
There are plenty of folks that simply aren’t interested, others who don’t want to put in the work, and probably more that don’t want to reset the clock or risk being declined for some reason. I’m sure many also don’t think their homes are worth enough to refinance.
Amazingly, a mere 15-basis-point additional reduction in 30-year fixed mortgage rates that would push them down to 3.5% would add another 2.1 million borrowers into the refinanceable population.
If that were to happen, the 8.8 million population of ripe refinance candidates would be the highest since 2012-2013, at a time when mortgage rates were at all-time lows.
We’ll see if that happens – rates are currently on an upward swing, though plenty of market bears see the current uptrend as a short-lived interruption in an economy that is decidedly ugly and questionable at current valuations.
Only 5% of Homeowners Think Rates Will Go Down
It might seem strange that a lot of these homeowners aren’t refinancing, and probably never will since Americans largely believe mortgage rates have nowhere to go but up.
The latest Fannie Mae Housing Survey (February 2016) revealed that just five percent of respondents believe mortgage rates will go down over the next 12 months. At the same time, 55% expect them to go up during that time.
In other words, no one really thinks rates are going to get much more attractive, so why aren’t they refinancing now?
It could be for reasons I already discussed, or just some sort of numbness after enjoying year after year of low rates, and wrong forecast after wrong forecast about them finally rising.
There’s also the thought that homeowners don’t want to give up their cozy fixed mortgages for a lower rate that one could find in a hybrid ARM, despite the fact that many of these homeowners will likely move in the next five years.
A Good Time to Buy?
Fannie also found that fewer homeowners expect home prices to rise from current levels. The share of respondents who felt home prices would rise over the next 12 months slipped from 45% to 44% last month. Meanwhile, the share that expected them to drop increased from 8% to 11%.
Despite this, a larger share of respondents felt it was a good time to buy a home, with a 63% share (up from 61%) reported in February. The share who felt it was a bad time also dropped from 30% to 28%.
At first glance, it is kind of strange that more Americans think it’s a good time to buy when home prices appear to be topping, but I suppose that could just have to do with the recent improvement in mortgage rates.
As you can see from the chart above, “good time to buy” has been trending lower and lower over the past two years as home prices have increased.
And “bad time to buy” is on the rise for the same reason, limited upside and expensive home prices. There just seems to be a blip related to the pullback in interest rates.
Independent mortgage banks have been coping with a still-surging wave of loan-repurchase requests from Fannie Mae and Freddie Mac that represents yet another threat to lenders’ already stretched balance sheets.
Much of the problem stems from the huge volume of low-rate loans originated in 2020 and 2021 at a time when the industry was continuously working to build capacity to deal with the explosive origination growth. That capacity issue, industry experts contend, resulted in a higher rate of underwriting errors than in more normal times that the agencies, Fannie Mae and Freddie Mac, are still uncovering as part of their ongoing quality-control checks — sometimes months or even years after a loan was originated.
There is a concern among IMBs, however, that Fannie and Freddie are being too aggressive in pursuing the repurchase option on loans with minor underwriting defects that could be cured far short of a draconian buyback demand. An executive with the Mortgage Bankers Association (MBA) confirmed the industry group is currently in discussions with the agencies over that concern.
The problem for independent mortgage banks (IMBs), particularly smaller to mid-size IMBs ($1 billion in originations or less) is that they have few good options for dealing with 2020 or 2021 vintage loans they end up repurchasing from the agencies. Those mortgages were originated at interest rates of 3% or less, and rates now are more than 3 percentage points higher.
Industry experts said most small and even midsized IMBs don’t have the ability to hold repurchased loans on their balance sheets, so they will likely have to turn to the whole-loan market to sell them.
“Those loans are going to be 20 points underwater, for the 3% to 3.5% kind of coupons, the 2021 kind of vintage” said John Toohig, head of whole-loan trading on the Raymond James whole-loan desk and president of Raymond James Mortgage Co. “It’s going to be in the low 80 cents on the dollar range.”
“… So, they’re probably looking at a loss, and you have too many of those, and you’re a thinly capitalized mortgage company, it’s not exactly what you want to see coupled with current [low] mortgage volumes.”
Brett Ludden, managing director and co-head of the financial services team at Sterling Point Advisors, which specializes in mergers and acquisitions, said as rough ballpark figure, some 50% of agency loan-repurchase requests end up resulting in a lender having to repurchase the loan, though he stressed each case is unique as are the appeals.
He added that loan defects often leading to repurchase requests include, among others, borrower income-related issues (i.e., debt-to-income ratios); appraisal issues; missing documentation; employment verification; and undisclosed liabilities — “people taking out a car loan the day before they close on their mortgage.”
“Issues related to appraisals and income are the highest areas of repurchases across the groups that we work with,” Ludden added.
Brian Hale, founder and CEO of consulting firm Mortgage Advisory Partners LLC, said lender decisions about how to handle repurchased loans in today’s market are typically made with the thinking, “What is the least-worst hit I’m going to take.”
The numbers
An analysis of recent U.S. Securities and Exchange Commission (SEC) filings by Fannie Mae and Freddie Mac shows that Fannie issued some $6.6 billion (based on unpaid principal balance, or UPB) in repurchase demands to bank and nonbank lenders and servicers on loans delivered to the agency over the 24 months ended March 31, 2022. That includes, current as of Dec. 31, 2022, $3.36 billion in repurchase demands for the 12 months ended March 31, 2021; and $3.24 billion for the 12 months ended March 31, 2022.
As of yearend 2022, SEC filings show that repurchase demands outstanding from Fannie Mae stood at $783 million, down from $939 million at the end of the third quarter of 2022, but up from $757 million as of yearend 2021 and $589 million as of end of the third quarter of 2021.
For Freddie Mac, which reports figures differently, some $4.2 billion (based on UPB) has been recovered via loan repurchase demands to bank and nonbank lenders since 2020, SEC filings show — with $3.3 billion recovered in total across 2021 ($1.4 billion) and 2022 ($1.9 billion). As of yearend 2022, repurchase requests issued and outstanding to bank and IMB loan sellers and servicers by Freddie stood at $1.3 billion, including requests for which appeals are pending. That’s the same level ($1.3 billion) at which outstanding repurchase requests stood as of yearend 2021, up from $500 million as of yearend 2020.
Hale said the repurchase demands impact IMBs more than the banks because “the delivery [of loans] to the agencies is disproportionately from independent mortgage banks.”
“We had two of the biggest years ever in the history of the industry back-to-back [2020 and 2021, when interest rates were 3% or less], and neither systems nor people or companies, for the most part, were prepared to handle the volume, and they worked from behind all the time,” Hale added. “And so, the rush to deliver created some quality issues in the industry, which could have easily been foretold.”
Hale said the agencies have up to 36 months from the date of loan origination to demand a loan repurchase, longer if fraud is involved, so that means there is still at least another year for the agencies to issues loan-repurchase requests for 2021 vintage loans.
“I would say there’s probably a fair amount of volume from 2021 that is still being reviewed,” said Dean Kelker, senior vice president and chief risk officer at SingleSource Property Solutions, a leading provider of property-related services across the loan-origination process and servicing cycle. “There’s a lot of money [to be recouped] from the Fannie and Freddie perspective in sending loans back to the originator for repurchase.
“The agencies got very aggressive after the Great Recession [as well] with repurchases. I think when they experience an inflow of money from repurchases, they become more aggressive.”
Ludden added that the rate of loan repurchases does appear to be increasing year over year, at least with Fannie Mae. He said an analysis of the loan-level data available publicly from Fannie Mae shows the following:
• “We are already over 90% of the way through 2020 repurchases. I believe we’ll end up with 1 loan repurchase for every 760 loans sold.
• “The 2021 vintage had the most repurchases in Q4 2022, but it does look like we are turning a corner earlier. While we have some analysis to do in the next week or two, I believe our model will target a 0.165% end-point for 2021 (1 loan repurchase for every 600 loans sold).
• “At this point, it is a little too early to say definitively but we will likely model a similar assumption for the 2022 vintage end-point as we assume for 2021 (1 loan repurchase for every 600 loans sold). Hopefully, with extra capacity, lenders observed better quality originations in 2022.”
Ludden added that “unless you are behind the curtain at Fannie Mae [or Freddie Mac], you don’t know “whether or not they’re just doing things faster, or whether they’re digging in their heels and forcing more repurchases.”
“Our analysis only looks at the end result, and there is certainly the possibility that you’re going to see a higher [rate] of repurchases requests occurring [going forward]. The good news is that it will be on a base of substantially fewer origination once you get into 2022 [vintage loans].”
The conversation
Pete Mills, senior vice president of residential policy and strategic industry engagement at the MBA, said there are “concerns over the rep and warranty framework” for loan repurchases and how it’s being applied by the agencies.
Mills explained that there are remedies far short of a loan repurchases for minor mortgage-manufacturing defects related to issues such as a borrower’s credit history, income or a problematic loan-to-value ratio — which fall short of fraud, misrepresentation, or eligibility issues.
Often those defects can be corrected by supplying additional documentation or via a loan-price adjustment to better reflect what the value of the loan should have been if the defects had been known at the time it was originated and subsequently sold to one of the agencies, Mills said.
“It’s especially important in this environment that [the agencies] don’t start every conversation with a repurchase request because you’re talking about buying a loan out that’s at [an interest rate of] 2.75% or 3% and it’s [now] a 6.5% market,” he said. “If there are alternative remedies that are appropriate, especially for a performing loan, then that’s how the conversation should roll.
“I do think it’s important in this environment, given the cost of originations and challenges we’re all facing, that people stay disciplined on both sides [lenders and the agencies] and [adhere] to the [rep and warranty] framework that we worked out, so that means the GSEs don’t start the conversation with repurchase when there is an alternative remedy for a performing loan,” Mills stressed.
“… We’re all concerned about affordability and cost,” he added. “Going back and forth on repurchase demands for weeks and months on a performing loan, when a [far less draconian] pricing adjustment would have solved the problem, does seem to add a lot of friction to the whole process.”
Mills said that the MBA is “in conversations” with the GSEs “to address these issues,” and it’s “an ongoing conversation.”
Officials from Fannie Mae did not answer HousingWire’s questions on the MBA’s concerns or “the ongoing conversation” between the agencies and MBA officials over loan repurchases.
In a statement sent to HousingWire after publication, a spokesperson for Freddie Mac said the enterprise “is always looking for ways to enhance our quality control processes. We continue to meet with lenders to find ways to improve loan quality while fostering sustainable homeownership.”
In a prior interview on the topic of loan repurchases, however, a Freddie Mac official, who asked not to be named, pointed out that a defective loan that violates the rep and warranty framework was “never eligible to be sold to us [the agency] in the first place.”
“We do give them real opportunity to fix the problem,” the Freddie Mac official said. “Just because we issue a loan-repurchase request, that doesn’t mean the lender will end up having to purchase the loan back.”
These days, the U.S. debt ceiling is in the headlines and on everyone’s mind. Although the debt ceiling is technically the amount of money the country can legally borrow to pay its bills, that doesn’t do justice to the hotly debated issue the debt ceiling has become.
As the country’s fiscal obligations continue to grow, Congress periodically must increase the limit the government can borrow, so that the U.S. can issue bonds to have enough money to continue to operate. The U.S. reached its current debt ceiling on January 19, 2023.
Many lawmakers and economists worry that increasing the debt ceiling continually could have a negative impact on the U.S. economy over the long term, as it allows the federal government to spend more than it takes in.
The danger, however, is that failing to raise the debt ceiling would have an immediate negative impact because the U.S. could default on its debts — pushing domestic and global markets into turmoil.
What Is the Debt Ceiling?
The U.S. debt ceiling — sometimes called the debt limit — is the legal limit on how much money the U.S. federal government can borrow to fund government operations. The debt ceiling only authorizes borrowing to cover existing obligations; it does not allow for new spending.
The U.S. government owes more than $31 trillion, which it accrues by issuing bonds. That includes more than $24 trillion owed to the public, including individuals, businesses, and foreign governments, and nearly $7 trillion to itself, borrowed from government agencies, such as the Social Security Administration.
💡 Recommended: Who Owns the U.S. National Debt?
Recent Changes to the Debt Ceiling
When federal spending pushes up against this limit, as it is right now, Congress must vote to raise the debt ceiling.
For example, in August of 2021, Congress reinstated the debt ceiling to about $28.5 trillion after suspending it in 2019. In October 2021, Congress voted to raise the debt ceiling limit by $480 billion to keep the government running through early December.
Next, Congress passed a $2.5 trillion increase in the debt ceiling in December 2021, which President Biden promptly signed, bringing the debt limit up to about $31.4 trillion. Analysts expected the U.S. government to hit the debt ceiling in January 2023, which it did on January 19.
What Will Happen to the Debt Ceiling?
As of May 9, 2023, the debt ceiling battle was front and center, with a few possible outcomes:
• Congress could vote to raise the debt limit, as it has done since the debt ceiling was first created in 1917 (see more on the history of the debt ceiling below).
• Both parties could negotiate a way forward, by agreeing to cut spending while also raising the debt ceiling.
• The president could use his executive powers to bypass the debt ceiling.
Finally, although very unlikely, the government could default on its debts. This has never occurred, and would be unprecedented — potentially leading to a global financial crisis.
Where Did the Debt Ceiling Come From?
Congress first enacted the debt ceiling in 1917 at the beginning of World War I through the Second Liberty Bond Act. That act set the debt ceiling at $11.5 billion. The creators of the debt ceiling believed it would make the process of borrowing easier and more flexible. In 1939, as World War II loomed on the horizon, Congress established a debt limit of $45 billion that covered all government debt.
Before the creation of the debt ceiling, Congress had to approve loans individually or allow the Treasury to issue debt instruments for specific purposes. The debt ceiling granted the government greater freedom to borrow funds via issuing bonds, allowing it to spend as needed. And over time the ceiling was often raised, and rarely contested.
The debt ceiling has, however, become a partisan pain point in recent years.
Benefits and Drawbacks of the Debt Ceiling
The debt ceiling has several advantages. It allows Congress to fund government operations and simplifies the process of borrowing. It also, theoretically, serves as a way to keep government spending in check because the federal government should consider the debt ceiling as it passes spending bills.
However, there are also some drawbacks. Congress has consistently raised the debt ceiling when necessary, which some analysts claim dampens the legislative branch’s power as a check and balance. And if Congress does not increase the debt ceiling, there is a risk that the government will default on its loans, lowering the country’s credit rating and making it more expensive to borrow in the future.
Debt Ceiling and Congress
In the last 10 or 15 years, Congress has found itself embroiled in partisan battles over raising the debt ceiling. For example, during the Obama administration, there were two high-profile debt ceiling standoffs between the president and Congress. In 2011, some members of Congress threatened to allow the U.S. government to hit the debt ceiling if their preferred spending cuts were not approved.
This standoff led Standard & Poor’s, a credit rating agency, to downgrade U.S. debt from a AAA to a AA+ rating.
Moreover, in 2013 there was a government shutdown when members of Congress would not approve a bill to fund the government and raise the debt ceiling unless the president made their preferred spending cuts. This standoff ended after 16 days when Congress finally approved a spending package and a debt ceiling increase partially due to the potential for a further downgrade of U.S. debt.
However, only some debt ceiling increases have been a partisan battle. Congress has raised or made changes to the debt ceiling nearly 100 times since World War II, usually on a bipartisan basis.
What Happens if Congress Fails to Raise the Debt Ceiling?
The current debate centers on finding a long-term solution for raising the debt ceiling. If the executive and legislative branches can not reach an agreement, there could be several consequences.
• The government will swiftly run out of cash if it can not issue more bonds. At that point, the money the government has coming in would not cover the millions of debts that come due each day. The government may default, at least temporarily, on its obligations, such as pensions, Social Security payments, and veterans benefits.
• A U.S. government default could also have a ripple effect throughout the global economy. Domestic and international markets depend on the stability of U.S. debt instruments like Treasuries, which are widely considered among the safest investments.
• Interest rates for Treasury bills could rise, and interest rates across other sectors of the economy could follow suit, raising the borrowing cost for home mortgages and auto loans, for example.
• A default could also create stock volatility in global equity markets, turmoil in bond markets, and push down the value of the U.S. dollar.
💡 Recommended: What Is the U.S. Dollar Index?
Even the threat of a default can have serious economic ramifications. In 2011, delays in raising the debt limit increased the cost of borrowing by $1.3 billion, according to the U.S. Government Accountability Office estimates.
What Are Extraordinary Measures?
When the government hits the debt limit, there are certain “extraordinary measures” it can take to continue paying its obligations. For example, the government can suspend new investments or cash in on old ones early. Or it can reduce the amount of outstanding Treasury securities, causing outstanding debt to fall temporarily.
These accounting techniques can extend the government’s ability to pay its obligations for a very short amount of time.
Once the government exhausts its cash and these extraordinary measures, it has no other way to pay its bills aside from incoming revenue, which doesn’t cover all of it. Revenue from income tax, payroll taxes, and other sources only cover about 80% of government outlays, according to the U.S. Treasury.
Can Congress Get Rid of the Debt Ceiling?
As noted above, the debt ceiling debate has become fertile ground for partisan fighting in Congress, but theoretically, it doesn’t have to be that way. For example, Congress could give responsibility for raising the debt ceiling to the president, subject to congressional review, or pass it off to the U.S. Treasury. Congress could also repeal the debt ceiling entirely.
The Takeaway
A failure to raise the debt ceiling and a subsequent default could have a significant impact on financial markets, from increased volatility to a decline in the value of the dollar to a lower national credit rating or even a recession. Given such consequences, it’s likely that Congress will continue to find ways to raise the debt ceiling, although political battles around the issue may continue.
Even if the debt ceiling continues to go up, the growing national debt could lead to economic instability, according to some economists. It’s hard to predict, since the debt ceiling has been raised about 100 times since World War I, when it was first established, and the U.S. has yet to face grave consequences as a result.
While it’s important to keep an eye on macroeconomic trends, it’s also wise to stay focused on your own investment goals. One way to start is by opening an investment account with SoFi Invest®. With a SoFi online brokerage account, you can build a portfolio suited to your financial needs.
Take a step toward reaching your financial goals with SoFi Invest.
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We recently asked you to share what the “American Dream” means to you. And share you did! From coast to coast, twenty-somethings to those “older than dirt” (direct quote), you all defined the American Dream, shared if you’ve achieved it and got candid about what’s holding you back if you feel you are not there yet.
Historically, the American Dream has been symbolized by the idyllic house complete with a white picket fence, a married couple and two kids. Some of you identified with that.
However, for many in our survey, the new definition of the American Dream is grounded in the themes of happiness, being debt-free and having a fulfilling career – in fact 61% of you polled on Twitter identified being financially free as your version of the American Dream.
Many of you also place a high value on investing in higher education and investing in others with a goal of helping people.
When it comes to goals associated with achieving the American Dream, your responses varied. The majority is digging out of debt and focused on raising a family… comfortably. Still others expressed interest in traveling the world, starting a business and retiring early.
Inspired by your words, we hit the streets to learn more about how some people are defining the American Dream. Take a look at what they had to say:
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Like we’ve said, this notion of the American Dream is as unique as each one of us. Here’s another example of how this is varied amongst our Minters: A 24-year old woman from Detroit has achieved her dream of becoming a baker. And for her, achieving one dream has led her to another one. Her new goal is coming up with new flavors people love. In her own words, she wants to “… reinvent old classics and create new tastes.”
And isn’t that in some way how we should be thinking about our own dreams and money? Stay true to who we are while never giving up on the dream of doing what we love.
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These are the best towns in the Bluegrass State to crack open the books and broaden your mind.
Kentucky is a hidden gem in the United States, boasting breathtaking landscapes, rich cultural history and a wide variety of unique natural attractions. However, what often goes unnoticed are the best college towns in Kentucky, which contribute to the state’s unique charm and character.
In this article, we’ll be taking a fun and informative journey through some of the top college towns in the state, including Lexington, Louisville, Berea, Murray, Danville and Morehead. Find your favorite spot and establish roots in your favorite Kentucky college town today.
Home to the University of Kentucky, Lexington is not only one of the best college towns in Kentucky but also a globally renowned destination for horse enthusiasts. This bustling city offers a perfect blend of Southern charm, vibrant arts and culture and a thriving sports scene. Visitors to Lexington can explore the Kentucky Horse Park or the Lexington Opera House to immerse themselves in the city’s rich heritage.
Food lovers will find plenty to savor at popular spots like Merrick Inn or Windy Corner Market. And, of course, no trip to Kentucky would be complete without trying a Hot Brown sandwich.
Students at the University of Kentucky enjoy a lively campus atmosphere, with plenty of opportunities to enjoy sports, arts and various outdoor activities all within walking distance of the center of campus.
Louisville, the largest city in Kentucky, is home to the University of Louisville and Bellarmine University. Known for the iconic Kentucky Derby and the Louisville Slugger baseball bat, Louisville offers a diverse mix of culture, history and entertainment. The city’s most noteworthy attractions include Churchill Downs, the Muhammad Ali Center and the Louisville Slugger Museum & Factory, which give visitors a taste of the rich history and unique culture that Louisville has to offer.
The food scene in Louisville is just as diverse, with options ranging from hip restaurants like Galaxie to the comfort food of Feast BBQ. College life in Louisville is vibrant, with numerous events and festivals throughout the year, like the St. James Court Art Show and the Forecastle Festival, which bring together students and locals alike.
Home to Berea College, Berea is a quaint and charming town nestled in the foothills of the Appalachian Mountains. Known for its thriving folk arts and crafts scene, Berea offers a unique college experience in a serene and picturesque setting. The town is dotted with studios, galleries and craft shops, where students and visitors can explore traditional Appalachian arts and crafts. The Berea College Crafts Program, in particular, is a must-visit for anyone interested in learning more about the region’s artistic heritage.
Berea also offers a range of outdoor activities, like hiking, biking and reconnecting with mother nature at the nearby Berea Pinnacles. For foodies, local favorites like Noodle Nirvana and Boone Tavern provide a delicious taste of the town’s culinary offerings.
Murray, located in the southwestern part of Kentucky, is home to Murray State University. Known for its friendly and welcoming atmosphere, this college town has been consistently ranked among the best small towns in America. With a strong sense of community, Murray offers a variety of cultural, recreational, and educational opportunities for students and visitors alike. The Wrather West Kentucky Museum, for instance, showcases the region’s history and heritage, while the Murray Art Guild provides a platform for local artists to display their work and a place for students to further hone their craft.
Outdoor enthusiasts can enjoy the scenic beauty of the nearby Land Between the Lakes National Recreation Area, which offers fertile ground for activities like hiking, camping and fishing.
In terms of dining, Murray boasts a diverse array of options, from the mouthwatering barbecue at Big Apple Grill and Bar to the homestyle Southern cooking at Rudy’s on the Square. Students at Murray State University benefit from a tight-knit community and numerous events and festivals held throughout the year, like the annual Freedom Fest and the West Kentucky Highland Games.
Danville is home to Centre College and has played a significant role in Kentucky’s history. This charming small town offers a vibrant college experience steeped in tradition and history. Danville’s historic downtown is lined with beautifully preserved buildings, including the Constitution Square Historic Site, where Kentucky’s first constitution was signed. The Norton Center for the Arts is a popular attraction that showcases the town’s dedication to arts and culture.
Danville’s picturesque landscape provides ample opportunities for outdoor recreation, like exploring Millennium Park or paddling down the nearby Dix River.
When it comes to dining, Danville offers a variety of local favorites, including Bluegrass Pizza and Pub and the upscale fare at Copper and Oak. Centre College students enjoy a strong sense of community and a rich academic experience within this historic town.
Nestled in the foothills of the Daniel Boone National Forest, Morehead is home to Morehead State University and offers a unique blend of natural beauty and classic college town attractions. With its proximity to Cave Run Lake and the surrounding national forest, Morehead provides a wealth of outdoor recreational opportunities, like hiking, mountain biking and learning more about the local fauna and flora.
The town also boasts a vibrant arts scene, with the Kentucky Folk Art Center and Morehead State University’s Golden-Yang Art Gallery featuring local artists, folk art and even some student pieces.
Morehead’s culinary scene offers a mix of classic American fares, like the artisan pizza and pasta at Melini Cucina Italian Restaurant and the comfort food at Pop’s Southern Style BBQ. Students at Morehead State University enjoy the picturesque campus and active student life that often extends well beyond the campus walls.
Find the Kentucky college town for you
Kentucky is home to an array of college towns that offer diverse experiences and attractions for students and visitors alike. From the bustling energy of Lexington and Louisville to the charming serenity of Berea and Danville, there is something for everyone in the best college towns in Kentucky.
Each town boasts its own unique blend of culture, history and natural beauty, creating a memorable experience for anyone who visits or calls these towns home. Whether you’re considering attending college in the Bluegrass State or simply looking for an exciting and picturesque getaway, the best college towns in Kentucky are sure to leave a lasting impression.
When we decided that we were going to start investing more in 2013, I didn’t know where we would find the money in our budget. My personality embraces risk… as long as all our other savings goals are met and our bills are paid. So, because I wanted to have fun investing (and not lose sleep at night), I knew I could not cut our retirement contributions or our savings deposits. What I hoped was that I would find “invisible” money in our budget; money that we spent mindlessly that would now have an investing job.
Our spending record showed me the money
I have recorded our spending for brief periods of time, especially when money was very tight, but I had never done it for a year. I knew it was a good thing to do, but it’s a pain. In 2012, however, I created a spreadsheet and faithfully entered every dollar that we made or were given. I tallied every purchase made by check, debit or credit card and most of the ones made with cash.
I’ll spare you most of the gory details, but we weren’t as smart with our money as we thought we were. Granted, there were things out of our control: Our septic system needed to be replaced, and we had some unexpected medical bills. Most things, though, were in our control, including the ridiculous $36.75 I spent at the vending machine. Even though that’s not a lot of money, it’s more than I thought I spent on Wild Cherry Pepsi.
The numbers didn’t lie. When I said, “We don’t eat out much,” it said, Oh yeah? Well, why don’t you take a look at this little category called “food”? Trim a little from this category and you might trim a lot from your waistline AND have leftovers to invest.
Every minute staring at that spreadsheet was worth it. Just by spending consciously, I can afford to invest $50 each month. I do have some invisible money. So that’s my first tip to you. Keep a record of all the money coming in and all the money going out.
Cut expenses
I still have a landline. Actually, while I’m confessing, I may as well tell you that I still have a rotary phone with something called a cord. It doubles as entertainment for the kids who visit. Can anyone tell me why I am still paying for a phone I don’t answer? Yeah, I don’t know either. Canceling that service leaves me $30 a month to invest. And that’s my second tip. Stop spending money on something that isn’t necessary or isn’t important to you.
Extra money
When I tried to find extra money to invest, I didn’t want to tap my income from my two side gigs, my husband’s side gigs, or either one of our day jobs. We may be able to use those income sources in the future, but 2013 is bringing big changes to our family income and expenses. I’m waiting to see what happens there before we make any investing decisions with that money.
Because that income was safe from this new investing venture, I focused on other income. It was easy to find because, as I said, I kept track of every dime that came into our house. Our random bits of income included things like:
monetary gifts (my Grandparents give us money as our Christmas present)
cash back credit card rewards
cash back rewards from Ebates
mileage reimbursement from work
rebate checks
proceeds from selling stuff
a bonus for opening a new ING checking account
interest on our savings accounts
I never considered the significance of this source of income, because I assumed it was so small.
And each check or deposit was small. But when I added them up at the end of the year, the sum felt greater than its parts. The $10 rebate check, the $45 from Ebates and all the other little checks added up to over $1,200. If you dedicate the tiny income streams in your budget to investing, you’ll probably find more money than you expected, too.
Using money we already have
Our accounts, both our savings and our mortgage, were the last place I looked. Did I have extra money sitting somewhere, money that was not fulfilling a purpose?
Each month, I round up and pay an extra $82 on our mortgage. Given our low interest rate and that we’re ahead on our payments, I could make our minimum payment and invest the $82 instead. I’m still thinking about that.
As you know, my dislike of car loans inspires a $300 monthly contribution to our replacement car savings account. Many of you supported financing a car, because the rates are low and it frees up cash. Stopping that contribution would free up another $300 a month to invest. I’m not ready for this, either. Not yet.
But I am ready to invest money from another account. I opened a Sharebuilder account almost three years ago when I did a little bit of mindless investing which didn’t work out so well. I still wanted to invest, but – unsure how to do it – I set up an automatic $25 contribution to the account. And the money sat there. By now, the account balance is $800. Nothing huge, but it illustrates the effects of small change + time = more money than you imagined. And that’s my last tip. Even if you can’t save/invest as much as you think you should, still do something.
By trimming our budget, practicing conscious spending and keeping track of the little bits of income, I can access $205 a month for investing. I could increase that because it doesn’t even include the $82 extra mortgage payment per month. Or the $800 currently in the Sharebuilder account. Or our regular income and side jobs. At the minimum, it’s about $175 more than I expected.
Even though it is more than I expected, the amount is – no question – small. I am limited with my investment options.
But this exercise had indirect benefits, too. I used to practice conscious spending, but after we paid off our non-mortgage debt, I got a little lazy. Now I have a focus. I could spend this money on x. Or I could invest it. I may find, depending on how this goes, that I have even more to invest.
What do you do with random bits of income? How do you find money to invest?
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If you’re looking to make a big difference with your money, then read on.
You might be thinking that it’s unlikely for anyone to generate $100k in revenue on their first go.
But we have good news: You don’t need to – people can earn more than 10x the amount they had initially invested into them!
This is possible because there are so many ways to make money today that cost less than what most would consider “big-ticket” investments like a car or a house.
Today, you will learn from this article provides tips on how to turn $10k into more money in 2022.
The goal is to learn how to make your money work for you.
We have included 20 different ways to make quick and easy money.
The methods included are varied and include things like investing in stocks, starting a business, and finding work that pays well. This guide will help you get started on making extra cash quickly and easily!
What can I do with my 10K to make money?
There are many ways to make money with your 10K. You can use it to invest, save, or spend.
You can also use it to purchase items that will generate income such as rental properties, stocks, and businesses.
The most important thing is to find something that you enjoy and that will help you grow financially. Making passive income is even better!
How can I grow 10K to 100K?
The goal is to find the method that works best for you and makes the most money. That is who you will grow 10K to 100K this year.
There are many options available below to help you grow your money, so choose what will work best for you.
You don’t need expensive equipment or special skills to start making your money multiply. In fact, learning how to invest $100 to make $1000 a day is a common question answered here by Money Bliss.
You can start with simple methods and add on as you get better at it.
What are some fast ways to invest 10k to make 100k?
While it is difficult to make a living from one job, the ability to work multiple jobs has been shown in many studies as an effective way of generating income.
More and more people today, are focusing on ways to build passive income to grow their wealth.
Setting a goal of how to turn $10k into $100k is a great way to multiply your money.
Option #1 – Stock market investing
The goal of investing in the stock market is to earn profits by buying and selling stocks at a higher price than what was paid for them.
There are several ways to invest in the stock market, but the simplest way is to buy and sell individual stocks. You can also purchase mutual funds, which are collections of different stocks that are managed by an investment company or ETFs. Other investors prefer to look at dividend stocks.
Investments in the stock market can be risky, but if you do it correctly, you could see significant returns over time.
Related Learning: How To Invest In Stocks For Beginners: Investing Made Easy
Option #2 – Invest with Retirement Accounts
Investing in retirement accounts can help you turn 10K into 100K over time. By investing in a 401k, IRA, or other retirement accounts, you will have access to growing assets that can help you reach your financial goals.
When you invest money in a retirement account, the funds are held by the company and grow over time. This means that even if the stock market experiences tough times, your 401k or IRA will still be growing steadily. This is important because it allows you to delay taking major financial risks and focus on long-term planning instead.
By investing early in your career, you can build up a sizable nest egg that will provide security for yourself and your loved ones when you retire.
Option #3 – Invest in Rental Property
Investing in rental property can be a great way to make money. Rental properties often have high yields (the percentage of income returned to investors), and there’s never been a better time to invest in this type of property.
Rental properties are an attractive investment because they tend to have stable yields, which means you can count on making a certain amount of money every year.
In addition, rental properties are usually less risky than other types of investments, so you can feel confident about your returns even if the market goes down.
There are many ways to buy and sell rental properties, so you can find one that’s right for your financial situation. And since rents always go up (to some degree), investing in rental property is a guaranteed way to grow your money over time.
Option # 5 – Flip Stuff To Make Money
Flipping is the process of buying and selling assets in order to generate profits. It can be done through stocks, bonds, real estate, furniture, art, sports equipment, or any other type of material item.
There are a few ways to flip stuff for money. One way is to buy assets and then sell them at a higher price later.
For example, you might buy stock in a company and then sell it two months later for a higher price. This technique is called “swing trading.” Others do the buying and selling within the same day for “day trading.”
Another way to flip stuff is to wait until the asset has reached its peak value and then sell it. For example, you might buy property in downtown Chicago for $100,000 and wait six months until the market reaches its peak value of $200,000 before selling it for $200,000 minus commission.
On a smaller scale, many people flip items found at Flea Markets and easily make $100k with a few transactions. If that sounds like you, then take a free flippers class!
Option # 6 – Start An Online Business
Starting an online business is a great way to make money. There are a variety of ways to do this, and the sky is the limit!
Some people start their own businesses to create something they’re passionate about, and others start businesses in order to make extra money. Whatever your reasons for starting an online business, there are plenty of ways to do it fast.
In fact, learning how to make money online for beginners is a hot topic!
Option #7 – Start a Side Hustle
Not willing to start a full-fledged online business yet? Then, look at a side hustle. This is an extra job or business you do on the side to make money.
It is flexible, easy to start, and doesn’t require much time commitment. You can work part-time or full-time, as long as you’re able to devote enough time each week to it. And since it’s your own gig, you have complete control over its success!
There are plenty of resources available online that will help guide you through the process (including this blog post on best gig economy jobs). Just remember: don’t give up on your side hustle until it becomes profitable and meaningful to you – because once it does, that’ll be worth double the effort!
Option #8 – Invest In Cryptocurrency
Cryptocurrencies are digital tokens that use cryptography to secure their transactions and control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
Many people view cryptocurrencies as a way to make money online. Bitcoin, for example, has increased in value by over 1,000% since its inception in 2009! While there is a lot of speculation involved with cryptocurrencies, if you’re patient, you can find opportunities to invest in them as well.
There are two main ways you can invest in cryptocurrencies: buying them on an exchange and mining them. Buying cryptocurrencies on an exchange allows you to quickly and easily trade them for other currencies or assets. Mining coins involves trying to solve complex mathematical problems that reward participants with cryptocurrency tokens.
While it’s important to do your own research before investing in any type of cryptocurrency, these fast ways could help you double your money within just a few short weeks!
Option #9 – Peer-to-peer lending (P2P)
P2P lending is a type of online lending where individuals lend money to other individuals, usually without any collateral.
P2P lending has become increasingly popular in recent years because it offers borrowers and lenders an alternative to traditional banking products. Borrowers can borrow money from multiple lenders at once, which gives them more options and access to financing. Lenders can earn interest on their loans while also taking advantage of the high demand for P2P lending products.
Because P2P lending is a new product category, there are still some risks associated with it. For example, borrowers may not be able to repay their loans, and lenders may not be able to collect on the loans they have lent out. However, the growth of P2P lending indicates that there is room for this type of financing in the marketplaces.
Peer-to-Peer Lending Options:
Option #10 – Invest in Yourself with Education
The fastest way to turn $10,000 into $100,000 is to invest in yourself. This is very often overlooked, but one of the best returns on investment that you can have.
Consider taking courses to improve your skillset or investing in real estate or stocks.
My favorite online courses to improve your income:
With hard work and dedication, you can make your money work for you and achieve your financial goals.
Option #11 – Day Trade (or Swing Trade) in the Stock Market
Investing in the stock market is a way to make money by buying and selling shares of companies.
There are two main ways to make money through investing: buying and holding (also known as long-term investing), and active trading (also known as short-term investing).
Many people in this popular investing course choose to become active investors by day trading or swing trading for income. In fact, many people have made the $1000 in a day club.
Option #12 – Trading Stock Options
Option traders can make money by predicting which direction prices will move and then trading on those predictions.
Trading options is risky because it’s possible for prices to change after you’ve bought or sold them – so your profits (or losses) may depend on how well you guess what’ll happen.
But if you do manage to make money by trading options, it can be very lucrative – especially over short periods of time (days or weeks).
First, before trading stock options, you must learn how to trade the underlying stocks first. Learn how to trade options with this VIP investing course.
Option #13 – Invest in an Initial Public Offering (IPO)
Wouldn’t you love to invest in Amazon (AMZN) or Google (GOOGL) when they first went public??
If you invested $500 into AMZN, it would be worth $855,505 (as of August 2022) – source)
If you invested $500 into GOOGL, it would be worth $27,502 (as of August 2022) – source)
An IPO is a type of stock market transaction in which a company sells shares to the public. An IPO offers businesses the opportunity to expand their reach and raise money quickly.
IPOs are popular because they provide investors with access to new companies at an early stage. As such, IPOs can be a great winner or a great loser of your capital. Thus, do your research.
Option #14 – Flip Websites
Flipping websites is a quick and easy way to make money. All you need is the right software and some knowledge of how the internet works.
Flipping websites means buying a website, fixing up the code, improving the SEO, and selling it to another owner or business. This process can be done quickly and easily with the help of some simple tools. By flipping websites, you can earn a profit while also increasing your web traffic.
Flipping websites is a great way to make money on the side and supplement your income. It’s also an excellent way to learn more about online marketing and build your own business skills.
Option #15 – Start Affiliate Marketing to Turn 10k into 100k
Affiliate marketing is a great way to turn 10,000 into 100,000 by earning money through promoting other people’s products. This is also known as an influencer. And you don’t have to carry inventory yourself!
There are a few different ways to get started with affiliate marketing, and the most important thing is to find an affiliate program that aligns with your goals and interests.
Once you’ve registered with an affiliate program, it’s time to start promoting! There are a variety of tools and resources available online that can help you build an effective affiliate campaign through social media or blog traffic.
Option #16 – Invest in REITs with Real Estate Market
Real estate investment trusts (REITs) are a type of investment that allows you to invest in real estate without having to own the property. This is done by investing in a portfolio of properties that are owned and managed by the REIT.
REITs offer investors several advantages over other types of real estate investments. These advantages include:
Low risk – REITs are typically less risky than other real estate investments, such as buying and holding single family homes or properties.
Lower fees – Unlike buying and holding individual properties, REITs pay relatively low management fees, which means your money is more likely to be returned to you quickly.
Liquidity – As long as there is demand for REIT shares, the prices will generally continue to rise, giving you an opportunity to make significant profits over time.
Investing in REITS can be a great way to diversify your real estate portfolio and achieve higher returns while avoiding some of the risks associated with other types of real estate investments.
My favorite REIT platforms are:
Option #17 – Invest in penny stocks
Penny stocks are a type of investment that is usually considered to be risky but can offer high returns if the right investments are made.
Penny stocks are small companies that trade on the stock market for under $2-10 per share. Because these companies are relatively new and often have little financial stability, penny stocks can be volatile – meaning they can rise or fall in price quickly while low or high volume.
Because penny stocks are so risky, it’s important to do your investigation before investing in them. However, if you make the right choices and invest in carefully chosen penny stocks, you could see high returns over time.
Option #18 – Make Money With Retail Arbitrage or Flipping
Retail arbitrage is the practice of buying products in one market and selling them in another market to earn a profit. Many do this with dropshipping.
There are a few fast ways to get started with retail arbitrage. The first is by using online tools like eBay, Facebook Marketplace or Amazon’s Selling Manager. These platforms make it easy to find specific items that you want to buy and sell at a profit.
All in all, you are looking for low price items and selling them for a profit.
By taking advantage of flipping methods like these, you can quickly increase your income without having to spend too much time researching each opportunity. Learn more withthis FREE webinar.
Option #19 – Start A Service-Based Business
Starting a service-based business can be a great way to make money by finding clients willing to pay for your services. There are many different types of service businesses, and each offers its own unique opportunities and challenges.
Service businesses can be profitable in a number of different ways. You may be able to charge high prices for your services or offer them at a discount in order to attract customers.
There are several advantages to starting a service-based business.
First, you have control over your own schedule and work environment.
Second, you can set your own hours and earn a flexible income.
Finally, service businesses tend to be more recession-proof than other types of businesses because they don’t rely as much on consumer spending habits.
Option #20 – Buy a business
Buying a business is a great way to increase your wealth and expand your empire. There are many different types of businesses available for purchase, so it’s important to choose the right one for you.
There are two main reasons why buying a business can be beneficial. First, buying a business gives you access to valuable assets that you couldn’t otherwise own – like cash flow, customer lists, and intellectual property. Second, buying a business can help you build a dynasty by passing on the company name and legacy to future generations.
There are many different factors to consider when purchasing a business, so it’s important to consult with an experienced advisor and do your due diligence.
How to Turn 10K Into 100K FAQs
Obviously, you probably have a lot of questions when trying to decide on which investment opportunities are best for you. While affiliate programs may work for some, you may want to use your stock market knowledge. Maybe even a dog walking business?
Ultimately, you have $10k in investment capital to start with, now you have to make some decisions.
What are the best ways to turn $10k into $100k?
A lot of people have been asking themselves this question lately and wondering what they could do with their money in order to make a big difference in their lives and achieve financial freedom.
In addition, you probably have questions before you make this a reality.
How Can I Get Rich With 10K?
One of the best ways to get rich is to start with a small sum of money and grow it over time by being consistent in your actions.
Learn the best ways to invest 10k.
It’s not about getting lucky, but rather developing habits that will help you achieve your goals. With hard work and dedication, anyone can become wealthy over time.
How to Turn 10k into 100k in 1 year?
There are a few key things you need to do in order to turn 10k into 100k in 1 year.
You need to look for a business to start that has a lot of potential for growth and profit. Don’t forget, that you must be willing to work hard and put in the time and effort required to make your business successful.
You need to be passionate (and adamant) about turning 10000 dollars into 100000. If you are wanting a 900% return on investment, then you must be willing to put in the effort to make that happen.
How to turn 10k into 100k in a month?
For most people, it will take more than just one month to turn 10k into 100k.
Regardless of the path you choose, it will take time to get the education and experience needed to achieve such a high return.
The best options for faster success include: starting an online business, becoming an active stock market trader, or investing in real estate. There are many options available, but it is important to do your research and find what works best for you.
How Can I Turn $10k into $100k Passively?
The key right here is … passive income!
You want to find ways to make money passively – also known as making money while you sleep.
The most common way is through passive income streams, which include investments, real estate, and online businesses. Whichever route you decide to take, the key is to be patient and let the money grow over time.
Many people want to make 10k a month – passive income is even better!
How Do I Convert 10K Into 100K With Stocks?
There are a few different ways to convert 10,000 into 100,000 with stocks.
Buy and hold: This is the simplest option and can be effective for those who are looking to invest for the long term. By buying stock in a company and holding on to it, you will eventually see your investment grow over time.
Day trading: This involves buying and selling stocks quickly in order to make money based on the movements of the market. While this can be very exciting, it is also risky because you could lose all of your money if the market goes down.
Investing in Options: Options allow you to buy or sell a security at a set price within a certain period of time. This type of investing is often considered conservative because you don’t have to worry about losing your investment if the market goes down – you only risk losing money if the option doesn’t expire or hits its expiration date without being exercised (sold).
Dividend stocks reinvestment: When companies pay out cash dividends each quarter, many investors choose to reinvest that money back into more shares of stock – which increases their total ownership stake in the company over time.
Trade shares for assets: Some people choose to trade their shares of stock for other types of assets, such as real estate or precious metals. This allows them to diversify their portfolio and increase their chances of making a profit.
What are some risks associated with these methods?
As always, there are risks with any method of looking for a high rate of return. You must do your due diligence first to make sure the investment is worthwhile and not a scam.
When looking to make a high return on investment, it is important to be aware of the risks involved. Sometimes, these investments are not as secure as low-return options and can result in losing the original investment. It is, therefore, crucial to do your homework before investing in anything.
What are some other things to keep in mind when trying to double your money?
There are a few other things to keep in mind when trying to find a way to double $10k quickly.
Though it can be difficult to turn 10k into 100k, there are ways to make this happen. For example, by investing in stocks or real estate, one can see an increase in their original investment. Additionally, starting a business can also lead to a doubling of one’s money. However, it is important to keep in mind the risks associated with these ventures.
When you are trying to double your money, make sure you are looking at smart investments, saving wisely, and increasing your income. Additionally, don’t forget about enjoying life while you’re working towards this goal!
Be cautious about get-rich-quick schemes
There are a lot of get-rich-quick schemes out there that promise you can make money quickly by following a certain plan or investing in a certain product. While these schemes may seem promising at first, they’re often nothing more than scams.
The reality is that most get-rich-quick schemes don’t work the way they’re supposed to. In fact, many of them actually lead to losses for the people who try them. This is because most of these schemes involve high-risk investments or unproven methods.
So if you’re thinking about trying one of these schemes, be sure to do your research first. You might be able to find a better way to make money without risking everything you have.
What Skills Will Help You Make 100k Fast
The goal of this article is to help you turn $10k into $100K by the end of this year. No need for a fancy MBA or years’ worth of experience, just some simple skills that will help you.
More than likely, you will have to invest in an online course or even a few books to help you along your journey. For instance, I purchased a blogging course to jumpstart my entrepreneurship. Also, I dived straight into an investing course to further my stock market knowledge.
When you are growing your liquid net worth, you are looking somewhere to have your money make more money. The strategy you choose will be different than the person reading this same post. Buy, you have to show patience and know that you will reach your target based on your timeline.
There is a lot of content available to help you along your path.
As we discussed above, there are many different ways to make 10K to 100K this year, so choose the one that works best for you and gets results!
Know someone else that needs this, too? Then, please share!!
One of my favorite pastimes is wandering design stores for inspiration. Gorgeous lighting, stunning sofas, a beautifully made bed are like food for my soul. One of my favorite places to do said wandering is Cisco Home. I’ve long been a fan of Cisco Home. I fell in love with their Jug Lamp Pendants the first time I stumbled upon their San Francisco store in Hayes Valley. Living in our first loft at the time, I had zero opportunity to make use of those pendants but that didn’t stop me from coming back to pay them a visit. Often. Now five years later, obviously many things have changed for me, and for Cisco Home too. They recently moved into a two story space close to San Francisco’s Design Center and it is stunning!
I’m like a kid in the ultimate design candy store. I can never decide what I love the most. Their stunning sofas, that adorable round pouf (it comes in leather – I’ve been coveting one for years) or all their amazing lighting. But what I love most is what I’ve come to learn about Cisco Home since getting to know them. A family-run business with more than three generations all working togehter, every single piece is designed and made in house. Right in Los Angeles. I actually have a lot more detail about all that which I’m going to get to share next week.
But for now – I get to invite you to a party! If you live in the Bay Area, please come by the Cisco Home Showroom TONIGHT between 6:00pm – 8:00pm. I’m cohosting the launch of Environment by Cisco Home – a collection of sustainably produced pieces made of reclaimed wood, responsible materials. There is going to be tasty treats, refreshing drinks and the opportunity to tour the stunning space. I hope I might get to meet a reader or two there.
Let’s face it: Apartment hunting is stressful! From finding listings that match your criteria and making appointments for viewings to taking tours and choosing the best fit, there’s a lot to keep track of.
Luckily, your friends at Apartment Guide are here to help. Here’s how to stay organized during your hunt for a new home:
Take Lots of Notes
Did the one bedroom on First Avenue have laundry in the unit, or was that the studio downtown? If you see numerous rentals during your apartment search, the details about one apartment start to become muddled with the next.
Take copious notes while you tour apartments so you can keep them straight in your mind. Label the top of each set of notes with the address of the apartment and the name of the complex, when applicable. You might feel like you’re back in school, but taking notes now can spare yourself a lot of confusion later.
Create a Detailed Online Calendar
Rather than relying on a system of Post-It notes that could be destroyed by a strong breeze or overzealous housekeeper, put your faith in an online tracking system. Let your Google Calendar (or similar) be your best friend during an apartment search.
Make a calendar event for each open house, private rental viewing and rental application deadline. Also, create a calendar alert for when each unit is becoming available. Update the calendar with your notes from each viewing so you can track the highlights or downsides of each apartment in one place. If your online calendar has an app, download it so that you can update it at any time, especially as you notice things during the tour.
Have a Filing System
Even though most of your apartment search appointments can be stored in an online calendar, you may still walk away with some paperwork after a viewing. Rental applications, credit check forms, and apartment complex brochures all need to be kept in one place.
Create a filing system using a filing cabinet or folders placed in a designated drawer. Put all paperwork for each property into a separate file. Always remember to organize your paperwork as soon as you get home from viewing an apartment that is going on your short list. If you love digital storage, scanning or taking pictures of the paperwork is a must.
Take Pictures
Creating a mental picture of a rental is great, but even with detailed notes, you may forget how big the closet really was in a particular apartment. Ask the property manager if you can take a few snapshots with your camera.
Even just a few shots of the living space and bedroom will help jog your memory when you try to remember important details about the layout. Label all pictures appropriately as soon as possible so you remember which apartment listing they belong to. A bunch of unorganized pictures from several apartments causes the kind of problem you’re trying to avoid.
Start Eliminating Apartments Early
It’s best to start eliminating apartments early on in your search process. Rather than maintaining a list of every unit you see, set aside or throw away the rental applications or photos of units that you already know you’re not interested in. You can’t keep that much in your head all at once.
Work toward creating and maintaining a short list of possible new homes. As you add a new apartment to this list, make yourself eliminate one to prevent the list from getting out of hand. Remembering the details of just a few units allows you to remain organized and not become overwhelmed with information.
Searching for a new home involves a lot of planning and plenty of paperwork. To ensure that you don’t miss out on a great property due to a lost application or a missed deadline, learning how to stay organized is absolutely vital. The best units in your city will have you competing with other renters, and staying organized is your secret weapon for getting the best apartment on the block.
How do you stay organized during an apartment search? Tell us about it on Twitter!
Peter Anderson is a Christian, husband to his beautiful wife Maria, and father to his 2 children. He loves reading and writing about personal finance, and also enjoys a good board game every now and again. You can find out more about him on the about page. Don’t forget to say hi on Pinterest, Twitter or Facebook!